Tech

Skylight Health Group Inc (OTCMKTS:SHGFF) Reports Flat Growth In Q4 2020 Revenues

Skylight Health Group Inc (OTCMKTS:SHGFF) Reported revenues of $3.2 million in Q4 2020. It is on the backdrop of acquiring clinics in Q4 2020. 

Its full-year revenues are dropped marginally by $0.3 million to $13.1 million mainly because of coronavirus impact and changes in regulations in New Jersey in Q3 2020. The company reported a profit of $9 million in 2020.

Positive cash flow

Skylight narrowed its loss to $9.4 million in 2020 by improving operational efficiency through improved technology and processes. It reported a cash flow of $156,982 from its operations in 2020. 

The company maintains a working capital $18.6 million. 

Outlook for 2021

Skylight expects to report revenues of $40 million in 2021.

CEO of Skylight, Prad Sekar, said the company converted its clinics to value-based care in 2020. The company developed a robust pipeline to achieve its near-term targets. In 2020, the company strengthened its leadership, added six clinics, and transformed its balance sheet. The staff also put in significant efforts to transform it into a multi-state primary care business. 

Commences Trading on TSX-V

Skylight commenced trading its shares on TSX-V under the ticker SHG in January 2021. The company took over Denver, Colorado-based APEX Medical on January 5, 2021.

APEX posted revenues of more than $2.5 million in 2019. It serviced more than 5,000 patients a year. It will strengthen the clinical presence of Skylight in Colorado by unveiling a multidisciplinary platform for insurable services to the prevailing 17,000 patients in Colorado.

Skylight operates a telemedicine platform and four physical clinics in Colorado. APEX offers wellness and primary care like massage therapy, psychotherapy, and acupuncture. 

Adds Grace Mellis to the director board

Skylight added Grace Mellis to its director board on January 14, 2021. The company took over River City Medical Associates, the clinic based in Florida, on February 4, 2021. 

Andrew Elinesky joined Skylight as CFO on February 17, 2021. Patrick McNamee is named as the Chairman of the board of Skylight on March 16, 2021.

Skylight acquired Colorado-based Rocky Mountain, a primary clinic group, on April 5, 2021. With this takeover, the company can expand its reach to 7 locations in Boulder and Denver areas. 

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